China's Hengli uses extra import quota to buy Mideast oil from Total, traders say
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Hengli Petrochemical, a private Chinese refiner, has purchased Middle East crude oil from TotalEnergies. This move comes as Iranian oil supply to China has decreased.
December 10, 2024 | 6:30 am
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TotalEnergies has sold a significant volume of Middle East crude oil to China's Hengli Petrochemical, leveraging tightened Iranian supply to China.
TotalEnergies' sale of Middle East crude to Hengli Petrochemical indicates strong demand for its oil amid reduced Iranian supply to China. This could positively impact TotalEnergies' revenues and stock price in the short term.
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